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Property remains by far and away the work type that attracts the most claims against solicitors. Over the last few years, property claims represent around 40% of all claims, although this peaked at 60% in 2010.

Accreditation such Lexcel and CQS will be viewed positively, but the single biggest factor is that risk management cannot just a tick-box exercise; it has to be engrained within the culture of the firm.

Strong case management processes and procedures, case supervision and checklists are all important and, with PII renewal on the horizon, it may be timely to let underwriters know how you manage various risks in the conveyancing process.

There are many ways to help reduce the level of risk associated with conveyancing transactions, here's five of them:

Residential and commercial conveyancing accounts for more claims than any other work-type.

Residential and commercial conveyancing work undertaken by solicitors accounts for more claims against the profession, by number and value, than any other work-type.

This is not some statistical bias arising from the sheer volume of property transactions. Claims consistently account for a higher percentage of fees earned than any other practice area, by a significant margin. Lockton’s Work-type risk profile chart – which is compiled using data from a range of solicitor PI insurers – consistently places Commercial Property and Residential Property work as the two highest risk areas of practice.